5个月涨10倍！“U盘牛夫人”变身“AI小甜甜”

Core Viewpoint - SanDisk has transformed from a struggling legacy storage card company to the best-performing stock in the S&P 500, achieving nearly 1000% returns in a short period due to a surge in AI applications and the resulting demand for storage chips [2][5][6]. Group 1: Market Dynamics - The dramatic shift in SanDisk's fortunes is attributed to a bottleneck in computing power driven by the surge in AI applications, leading to a reassessment of storage chip demand [5][10]. - Since September, the prices of memory chips have skyrocketed due to the urgent need for "context" storage, with NAND flash prices increasing over 300% and DRAM costs rising approximately 280% [12][13]. - This supply-demand imbalance has granted storage manufacturers like SanDisk significant pricing power, allowing them to escape previous market stagnation [8][9]. Group 2: Financial Performance - SanDisk's stock price has surged, reaching an all-time high with a 976% increase since last August, adding over $50 billion to its market capitalization [6][22]. - Analysts predict that SanDisk's adjusted earnings per share will grow over 170% year-on-year, with sales expected to increase by about 40% [30]. - Bernstein Research has identified SanDisk as a "top pick" for 2026, citing unprecedented NAND shortages and price increases, with strong demand anticipated to last for at least six quarters [30]. Group 3: Competitive Position - SanDisk's success is attributed to its enterprise SSD business aligning with the needs of large-scale AI cloud computing firms and a long-standing joint venture with Kioxia that provides cost advantages [22]. - The company has outperformed competitors like Micron and South Korea's SK Hynix, which also saw significant stock price increases of 40% and 56%, respectively [18][21]. Group 4: Market Sentiment and Investor Behavior - Elliott Management, a prominent hedge fund that pushed for SanDisk's spin-off, missed out on most of the stock's gains, having sold its shares before the recent price surge [24][27]. - Despite capturing some of the rebound in September, Elliott's shares would have appreciated significantly had they held onto them, highlighting the unpredictable nature of the AI-driven market [28][29].